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CNBC
Oct 3, 2012 8:00pm EDT
enterpriser and president obama is the big government planner. and those are big differences in philosophy in government. two, romney has a tax cut plan. he has a spending cut plan. he has an energy plan. he's got to make it clear. he's got to explain to people the connection between his plans and the economic recovery that we have not yet had. that's a tall order for romney. and he's going to have to fight hard for it while the, of course is attacking him. >> you said earlier i was watching kudlow and company, you said the first impression is important. he's got to swing right away. you think he'll do that? >> that's my hunch. i've seen this before. aggressive. he's got to put this sort of line in the sand. here's what i believe. and here's what he believes. and there's a big choice in this election. he is the guy who wants redistribution. i'm the guy who wants growth. he's the guy who wants government centered economy. i'm the guy for free enterprise. he's got to say that. but it's doubly hard because he's got to put meat on the bones of his tax and spend policy. to this day, people are not
CNBC
Oct 4, 2012 6:00am EDT
report from the government. today thursday's weekly jobless claims report. that hits the wires at 8:30. in the meantime, what's been happening in europe is that things have barely bunched there again and they seem to be taking their cues from us.dnched there aganfroms.gnched there agand they seem to be taking their cues from us.ched there again and they seem to be taking their cues from us.hed te again and they seem to be taking their cues from us.ed there again and they seem to be taking their cues from us. dow, nasdaq, s&p all closing slightly higher yesterday. in asia, a long week without chinese trading, but in japan, the nikkei was up by about 77 points. and in bombay, sensex up by 188 points. oil prices actually energy stocks yesterday were lagging as we saw big tumble in crude oil prices. back up by about 6 # ce4 cents, those are levels we haven't seen in quite some tile. ten year note, yielding 1.63%. so that's a slightly higher yield than yesterday. the dollar interesting story, too. you'll see that it is down against the euro. but still 1.2951. so we've been right around 1.29
CNBC
Oct 1, 2012 4:00am EDT
more to expand the shock. the same time, the spanish government has said that the extra aid would push its budget deficit 7.4% of gdp in 2012, which is above the eu's target. so i don't know how she moves around so quickly from place to place, but from athens to madrid, here is julia. >> thanks very much, ross. you just have to bear with me if i make another freudian slip on greece versus spain. but right now, what we heard from the government over the weekend was that their deficit will be on target at 6.3%. but if you include the bank aid as you mentioned, 7.4%. they did make great pains to point out that european commission officials have not asked them to make any adjustments to reduce that number, but the question has to be asked what happens if they don't meet the deficit target of 6.3%. many analysts are expecting them to come in around 7% in terms of the target for this year. day take last week actually showed that the central government deficit came in just around 4.3% up to august. how, the full year target is 4.5% and then we're not even bringing in the regions. histori
CNBC
Oct 2, 2012 1:00pm EDT
stearns, the federal government for the $10 a shake jpmorgan got not only bear stearns' assets but liabilities, including, authorities say responsibility four some of the most egregious conduct in the financial crisis you churning out residential mortgages by the thousands, bundling them into what the firm told investors were quality securities, knowing all along many of the mortgages were duds a systemic fraud on thousands of investors, the lawsuit says, deceiving them about the fundamentally defective character of the mortgages and went housing bubble burst, those investors are suffered monumental loss, jpmorgan plans to contest the suit and disappointed with the ag for bringing the case and says it is the first product of a presidential working group on american securities fraud formed in january. today in washington, officials signal it had won't be the last case. sue? >> scott, stay with me. we are going to talk about this joining us first on cnbc to discuss the lawsuit is new york attorney general eric schneiderman. welcome, sir, pleasure to have you back with us on "power lu
CNBC
Oct 4, 2012 7:00pm EDT
government he talked about caring for people who are less fortunate. >> not scaring. i got to get out. steve we're going to have you back again. love to have you back. jennifer's going to hang around for awhile for the full show tonight. i want to switch gears. this goes to what we were talk about. will mitt romney's performance last evening be enough to swing voters? my next guest was one of chicago's most influential obama supporters back in 2008. in this election cycle she has switched gears to support mitt romney. susan crown now cochair of illinois for romney. she's a member of the national finance team for the romney campaign. all right, susan, welcome to the show. >> thank you. >> what made you switch to the romney camp? >> several things. i became increasingly disillusioned and disappointed, and actually pretty angry when obama came out with his 67 borders comments about israel. and i just felt that he wasn't up to the job. >> and i notice -- i read the big story that was about you. you're not happy with the deficit plans, you're not happy with the tax plans. but the thing tha
CNBC
Oct 3, 2012 7:00pm EDT
government planning. it's the debate of the decade and it happens in just a couple of hours. good evening. i'm larry kudlow. this is a special edition of "the kudlow report." you're looking at a live picture of the university of denver. 8:00 p.m. eastern, president obama and mitt romney will face off in their first of three debates. we have an all star panel tonight. former congressman rick lazio and former clinton white house aide keith boykin. and herman cain tells us what it's like to debate kevin madden. it's all about leadership and leadership means taking control of the conversation. that's just my advice. in an anemic overall economy, we've seen some positives in recent days. the ism services surprised on the up side today, 15 million car sales yesterday and of course stocks have been rising since a year ago today. the s&p is up 32%. so things can't be all that bad. how will the investor class vote in 34 days? but first up, both mitt romney and president obama are in their respective hotel rooms now. they're making final preparations for the big debate and cnbc's own john h
CNBC
Oct 5, 2012 4:00am EDT
, it will be higher taxes, higher debt, and it will bei be not much else other than more government spending. and that won't make the difference. so i think fiscal uncertainty has to be removed in order for the corporates to spend the huge amount of cash that they're holding. and at this point not investing. the fiscal -- i don't want to call it the fiscal cliff because that's not so important. the question is getting certainty into the situation for corporates to invest again. >> okay, good to have you on on. plenty more to come from you. but what do you think the jobs number will be? let us know. e-mail or tweet us. so just over an hour into the trading day here in europe. let's show you where we stand. just weighted to the up side. pretty flat day for european stocks. 6:4 advancers currently outpacing decliners. we are a quarter percent higher on the ibex, as well. let's show you where we stand. yields are still below 6%. 5.8% mar begin alley higher. we'll keep our eyes on u.s. yields. we got down to 1.66 is where we stand at the moment on those u.s. ten years, as well. as far as
CNBC
Oct 3, 2012 4:00am EDT
services sector. >>> and more signs of trouble for the spanish government as the latest figures show its corporate tax revenue has tumbled. mariano rajoy issues the latest denial that he's ready for a bailout. >>> we now have the latest numbers crossing for the eurozone services pmi. the september final services read coming in at 46.1. an improvement that we have seen from the 46 number. this is still the lowest level we're seeing since 2009. the forward indication 49.4. in terms of what we're seeing on the final comp sit pmi, this is above the 45.9 read that we have, but just a fraction below what we saw in august, the rate was 46.3 then. this is the lowest read since may 2009. in terms of new business number for the composite september rate, 43.8. we're still right back at some of these 2009 lows. >>> elsewhere, the numbers are not that much better. lisa has more on these numbers out of china. >> official data showed china services sector fell sharply in september to its lowest level in almost two years. it shows the rest of the economy has started to feel the effect from the slugg
CNBC
Oct 4, 2012 9:00am EDT
close to that. i think the numbers are not actually accurate that the government projects there. but the last four months was remarkable because usually equities and growth, you know, merge together. sometimes equities anticipates it. sometimes it lags. but growth numbers keep falling. and yet the equity market keeps rising. i think the s&p is now -- should be thought of as a different sort of class of instrument used by investors around the world. i think now that the yield of the ten-year or of corporate credit, i think it hasn't been this tight since the '50s. and i think therefore if you look at it on a yield basis and if you believe that multinationals, leading multinational companies will have enough growth to have growth, and i think that's actually true, because global growth, from a consumer standpoint and spending is going to be positive, then in a way these equities are mispriced relative to, you know, the ten-year. >> so you're talking about the idea which we've seen in force, buying these larger stocks that have significant dividend yields, you think that's creating a ne
CNBC
Oct 5, 2012 3:00pm EDT
incredible detail on this report. some say, hey, wait a minute, how could you have government jobs doing what they're doing? isn't it peculiar they're doing that now? we look at every element. whatever number you can pick, you can attach some conspiracy theory. i do not think, as i said earlier, that it stands the test of time. if you look over time, you go debt these inconsistencies. >> what i was a real estate reporter 20 years ago, there were people who thought we were manipulating the housing numbers back then. that was in the first bush administration. let me talk about the fiscal cliff a little bit. what's the deal going to look like? is there going to be a deal? describe what you think might happen here. >> so we put a 60 to 70% probable that there is a deal after the election, probably in the lame duck session or shortly thereafter. we think -- and there's a great piece on pimco.com by my colleagues that details that. we think that will amount to about a 1 to 1.5% contraction in fiscal terms as opposed to the 4% contraction that we would get in fiscal terms from the fiscal cliff.
CNBC
Oct 2, 2012 7:00pm EDT
keep doing that. the president supports the position on the creation of jobs and the government can't do everything but it has a responsibility. we have lost public sector jobs and we have laid off a lot of cops, firefighters and teachers. that is not the way to get the economy humming again. >> governor gilmorgilmore. aka governor romney, what is your solution? >> the economy is another serious problem. that is another way of talking about the plight of real people out there. after four years of stewardship, i can say that we are not moving in the right direction. we are picking up 100,000 jobs a month. you have to have 180,000 just to keep pace. we are not in a recovery. growth is under 2% while it has been 2.2. that is why we are sitting around after all these years. we have a specific plan. that plan are tax incentives in order to build up this economy and great growth. you can't do anything in this country until you get growth going again. until there are plans in place. talking about a tax reduction so that they can spend more money. so that they are xare competiti with over sea
CNBC
Oct 4, 2012 4:00am EDT
crucial services sector grows at its fastest rate in seven months, while the government gets set to take another swing at boosting it through foreign investments. thanks very much for joining me. anyone that's missing ross, he'll be back in tomorrow. but for now, you're all mine. . plenty to come on the next couple hours of the show. lots of guests to help us figure out what's going on. we'll get a view from sydney about cautious shoppers. borrowing costs are expected to fall. we'll bring you those results from madrid. and we'll head out to malaysia for an exclusive interview with the country's prime minister. >>> it's very presidential music to bringis to this topic, which is really dominating the headlines today. president obama and republican rival mitt romney met face to face last night in denver, colorado for their first u.s. presidential debate. it really focused mostly on the economy. with a mnt to onth to go before election, both men had to prove to voters that they're the right man for the country. john harwood got a firsthand view of the debate and filed this report from d
CNBC
Sep 28, 2012 4:00am EDT
that, but apparently we are going to cover it. >> before we get to that, the government of hollande is about to present it first budget. its expected to whicheverdelives of tax hikes. meantime european policymakers are appraising spain's reform plan. but today the government must brace for the results of the banking stress tests that will determine the recapitalization needs of the country's most troubled lenders. we have steve sedgwick following the story in thmadrid, but firs out to stefane in paris. it sounds like there will be a contrast with the spanish budget. it's tax hikes that seem to be the focus. >> in france it will be focus on tax hikes. that's the decision about to be announced by the french government. basically 20 billion euros in additional taxes in the budget for the next year. and only 10 billion euros in spending cuts. that's the plan to reach the deficit target. that's the best case scenario because the budget is based on a growth assumption of 0.8% which seems to be far too optimistic. plenty of private economists believe the french economy won't grow more than 0.
CNBC
Oct 5, 2012 4:00pm EDT
tepid number. you had strong growth partly driven by the government, where the labor markets were quite tepid. >> what else are we going to see, rick santelli? what's going to happen in the next week or so? a lot of people arguing the earnings situation, we're going to have negative growth in the third quarter. what do you see happening in october? >> well, i don't disagree with that. i think the next week in my own backyard, we have threes, tens, and 30s. columbus day, the bond market is closed. the biggest issue for this quarter we're in is how much europe gives us a head wind. i'm talking more about what we've been discussing for the last several days. that is europe is systemically important. capital relationships, banking balance sheets, subordinate relationships. i think all of that as they hiccup and the relationship between germany and exports in china is all going to give us a head wind. canada created 54,000 jobs today and they have one-tenth the size population. >> wow. doug, weigh in on the jobs numbers and what it means when it comes to investing in this market. >> the answ
CNBC
Oct 4, 2012 1:00pm EDT
effectively guaranteed by the federal government. this is the biggest kiss that's been given to new york banks i've ever seen. >> i talked to one banking lobbyist here in town today. his reaction, he said folks were puzzled by that. even romney is beating up on the banks. one thing that unites democrats and republicans is beating up on the big banks. so, sue, here in washington, lobbyists for the banking industry watching that slightly askance. but i think there is a sense that a lot of this is political and doesn't necessarily imply how romney would necessarily govern as president of the united states. >> indeed. i think you are absolutely right. thank you. >>> so our poll question today -- do you think last night's debate will change the outcome of the campaign? vote by going to cnbc.com. the results are coming up a little later in "power lunch." >>> next though, seema mody joins us with a market flash. >> hi, sue. we're calling it the romney effect. sectors moving on the back of what mitt romney said in last night's debate. we spoke about coal stocks. utilities -- wells fargo wri
CNBC
Oct 1, 2012 4:00pm EDT
defense and in general government programs but across the government we think there's opportunities. probably if you look at crop insurance or commodity payments in the agriculture, that can add up. smaller areas that's $1 billion. $1 billion here, $1 billion there, it adds up to money. we wanted a menu of thoughtful choices to reduce our deficit and avoid sequestration. >> go through it for us. because, you know, i guess if it were that easy, it would have been a lot simpler getting to the point where we're at. can you talk to us specifics about what you think should be cut? >> sure. that's what we wanted to do in this report. it's more than $100 billion in agriculture, more than $100 billion in energy, and as i said, in agriculture, commodity crop payments, reforming crop insurance. in energy, we'd like to eliminate the entire tight. 17 loan guarantee program which includes the loan guarantee, you know, the program that brought you solyndra. we'd like to eliminate subsidies that have gone to the oldest and most profitable energy sectors, from the intangible drilling costs to the a
CNBC
Sep 28, 2012 6:00am EDT
toughest in 30 years. government needs to find about $39 billion of spending cuts or deshl resources to meet its 2013 deficit target. and fitch is lowering its 2012 growth forecasts both for china and india. citing deteriorating outlook of the global economy. so not a great way to start the morning. >> no, not great, but i like seeing what we did -- i saw ge and i was going to tell whoever thinks that we need to kiss up to them still -- >> minority partner. >> they are. but comcast would have been a better -- or we could have done both. and did i see something that it had first quarter, second quarter, third quarter? what do i need in the fourth quarter to get to the 30%? do we hahave that anymore? is that gone? no, they don't have it. >> i saw the dow, s&p and nasdaq. >> what did it add up to? adds up to like 15 or so. >> i just saw for this quarter. >> oh, it didn't show first quarter, second quarter -- >> no. >> there are corporate headlines. people started getting plaq blackberries? >> they beat expectations. >> they lost money, they beat expectations. >> but they added subscribers.
CNBC
Sep 28, 2012 4:00pm EDT
bottom. thanks, diana, fred. see you soon. >> thank you. >> it is the government dependency sound bite that's gone viral in. 24 hours. listen to this. >> everybody in cleveland, no minority got obama for. >> obama phone. she's talking about a real government program that subsidizes cell phones for the poor. guess what? you might be paying for it. did you know that? i'll speak with a congressman about how he's trying to reign it in next. >>> then, think about a 75% tax rate. that could be a reality in france. the question is whether it could happen here. a mitt romney supporter gives us her take in a few minutes. >>> and he's the head of one of the richest sovereign wealth funds. he sits down with me for an exclusive in a few minutes. he owns a number of banks. find out where he's investing. back in a moment. tdd#: 1-800-340 let's talk about low-cost investing. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-800-345-2550 like our exchange traded funds, or etfs tdd#: 1-800-345-2550 which now have the lowest t
CNBC
Oct 5, 2012 2:00pm EDT
fiscal year for the federal government still above $1 trillion. in fact, it came in at $1.1 trillion. there was some hope that maybe we could inch that under a trillion. really just make the financial picture of america pristine. with just $999 billion. that didn't happen. we're still over $1 trillion. i think that's 12 zeros. >> it was $1.3 trillion for the 2011 fiscal year. >>> the stock is now down year to date down about 23% over the last six months. dramatically underperform being the nasdaq. >> it has to be frustrating for the company and investors because so many tech names have done well. f5 down 3.75% today. barclays cutting the price target. ubs removed the company from its alpha preferences list yesterday. if you're an investor in f5, they're holding an analyst meeting next thursday. pay attention to that. >>> beer stocks have been hot apparently. are the companies that make the big bottles, for example, owens, illinois. >> it is one of those companies, it is all google and apple and facebook and zynga. this is one of those companies that makes glass bottles. >> stock's up
CNBC
Oct 5, 2012 1:00pm EDT
sent a memo last week saying the government could cover the cost that companies would face if they run into legal troubles for not properly warning those workers. here's the federal law and what it says. it says that companies with 100 or more workers must provide 60 days notice before mass layoffs or plant closings, or those workers can get up to 60 days of back pay if they are not notified. the republicans are crying foul and eamon javers picks under the story. >> reporter: here's what the omb said in late september -- it is neither necessary or appropriate for federal contractors to provide warn act notice to employees 60 days in advance of the potential sequestration because of the uncertainty about whether sequestration will occur. i've toualked to employees at t white house and omb about this question. their idea is this -- first of all, there's uncertainty about the fiscal cliff itself, whether it is actually going to happen or not. they say that the warn act is only required for those planning specific cutbacks and specific plant closings and they say since the employers in thi
CNBC
Oct 1, 2012 7:00pm EDT
learned with governments and across the industry so we can all produce energy more safely. i want you to know, there's another commitment bp takes just as seriously: our commitment to america. bp supports nearly two-hundred-fifty thousand jobs in communities across the country. we hired three thousand people just last year. bp invests more in america than in any other country. in fact, over the last five years, no other energy company has invested more in the us than bp. we're working to fuel america for generations to come. today, our commitment to the gulf, and to america, has never beenonger. [ male announcer ] the exceedingly nimble, ridiculously agile, tight turning, fun to drive 2013 smart. ♪ . >> three months after supreme court justice moved to the right and passed obama care. pete williams has some details. >> reporter: larry, this is shaping up to be a court term dominated by civil rights beginning with a case that will be argued next week on affirmative action, colleges nationwide use it believing that a more racially diverse campus provides a better education. the court
CNBC
Oct 5, 2012 6:00am EDT
know of course the ecb is very much in the comments saying it's down to the governments. they have to fulfill their requirements. so here we are at the best levels of the day, as well, and indeed euro-dollar is up above 1.50. and spanish bond yields, still just below 6%. italian yields fairly contained, as well. so it's all about the employment report today which leaves -- somebody has mysteriously left what looks like a martini glass. i'll come back into the light. shaken, not stirred. >> man, does he look the part. >> yes, you do. i wonder who could be messing with your lights. thrush? no, not spectrum, spec ter mayb. it was mostly just the russian, right? >> and i remember the later ones more. >> i see oo 7 at the u.s. open tennis all the time. that's where sean connery hangs out.7 at the u.s. open tennis all the time. that's where sean connery hangs out. looks like we're going down a drain. the show has been going down the drain. that's a good pose there. shaken not stirred. thank you, ross. we'll see you later. have a great weekend. if you have satellite tv, could you probably
CNBC
Oct 3, 2012 4:00pm EDT
transition? you're buying in the consumer space. >> yes, and you have the transition of the government. one of the other big messages we picked up over there, particularly in i understondia, emerging market central banks, they're very concerned about what the traditional bank of england, fed, ecb are doing with monetary policy. the fed is now at the extreme. we've tied our monetary policy to unemployment rates. the concern is that's going to bleed into inflation in their markets. you have half the world, the developed market, saying reflation, reflation, reflation. at the same time, the eu markets want to grow, but they don't want that inflation. so they're at odds. that's why you hear brazil's government telling you there's somewhat of a currency war going on. so, look, there's always something. going on. i mean, it's been a very volatile year. the market is up 33% over the last 12 months. there's been plenty to do. our view is this volatility is creating opportunity. you've got to be global. you've got to be across multiple assets. you have to be coordinated in terms of your approach
CNBC
Sep 28, 2012 3:00pm EDT
it's looking like 2 million in total nationwide, including government employees, from some reports. that number may be a bit inflated. the reports are coming from industry. we question whether or not there's a bias to those reports. >> the timing -- you're item id -- itemizing. this is before congress goes back to work to fix this crisis. is it possible notices go out when they do just to highlight what could happen as a scare tactic to get congress back to work? >> congress is already on a recess. they're on a recess all the way through the elections. actually, the government employee union has a 90-day notice policy, which would actually go out at the beginning of october. so the dates are kind of insignificant at this point. we're looking more at the nominal dollar effect, the total addressable market shrink for the defense market. it's going to be quite significant. >> i look at it the other way, actually. initially, i thought they had to tell employees by october 1st. so if it was october 1st, by the time the election came around, it would be out there. you can hide it if you
CNBC
Oct 1, 2012 12:00pm EDT
and a whole host and what i will point to, aig, trading up.6 times and now that the government over hang is largely removed you still have about 16% exposure but a big bulk gone and i think you can focus on fundamentals and that's what i would point to. >> steve grasso, one of the things that barons mentions, the prospects of improving capital markets, is that something that lifts all financial boats if you will and if that in fact does happen and who else would you look at here? >> j.p. morgan is dead on real early when we thought it was going to crack the $30 level to the downside and with the london wail and at this point i don't know if goldman sachs coming back into being the favorite play. i like the article. i like what it has to say. technically it has had a problem with that 120 area and the 125 area and i would rather see they're looking for this dramatic of a capital appreciation, i would rather let it prove itself in the low 120s before i jump back onto goldman sachs. >> just give me a quick comment on the financials. i know you have been talking more on the regional sid
CNBC
Oct 3, 2012 2:00pm EDT
about the economic crisis in iran. she says the iranian government is to blame for the currency crash in that country. she is likely referring to the government's nuclear weapons program that has brought on harsh international sanctions. as mandy and michelle talked about, the iranian currency has absolutely collapsed and the situation getting more desperate in tehran. >>> well, here we are less than seven hours away from president obama and mitt romney squaring off in the first of three presidential debates. there's been a lot of talk that the market is already pricing in an obama re-election. in fact, in trade showing betters placing a 70% chance on an obama re-election. but some new polls suggest romney is closing the gap. so what happens to the markets and your money if mitt romney pulls ahead or wins? joining us, art, is a romney win bad for stocks? art, we're going to get your mike running. is a romney win bad for stocks? >> i think a romney win is great for stocks. at least the psychology will be two things. first, first cal conservati first, fiscal conservative coming in 2013
CNBC
Oct 4, 2012 5:00pm EDT
government and debt pan ets or whatever you want to call it. so, that is the frame against which you should think about your investment decisions. nn in my space you should be over managed care. that is the quarterback i talked about. i would be under with medical e devi devices. the paying patients coming in from obamacare would be fewer. >> is there anywhere that you think isn't priced for edger romney or obama victory? like say the records company? are those already priced to perfection regardless of who wins? health it, the stimless package in 09 funded up held ith it. we have seen strong performers. that should continue to do fine. pharmaceuticals are less to the elections. they are not completely free of exposure but it is less than on the hospital side. >> wouldn't a romney victory eliminate the exercise tax? wouldn't that be good for medical devices? going forward, however, in this $500 billion plus spend in the medicare program, $400 billion plus in medicaid, it is going to come out of devices to a large extent. >> it was a great story to this spring, fantastic stock taken o
CNBC
Oct 3, 2012 5:00pm EDT
governments fall. >> and brian, you were weighing in saying it is not just what is going on in iran but layer in the tensions between syria and turkey and that puts another level into the mix. >> the reason why this is important to a u.s. investor is because it has to do with oil. it is clear that the u.s. and saudi arabia have this plan of pumping as much oil as they can and it is starting to watch. now you have to think what happens if there is a regime change. so as a u.s. investor that is great for the u.s. economy. that is great for u.s. stocks. what has to happen in the u.s. market is oil has always been this traditional leading indicator in the economy. if oil is up that means there is lots of demand and that is great. >> let's look at the oil picture. we did see oil breaking below $88. how could a regime change in iran impact oil? joining us is the king of commodities himself. you can take a look at wti. it doesn't seem like it is reflecting the tensions or would we be even lower if we didn't have them? >> i think that what we're seeing and michelle was explaining it quite w
CNBC
Sep 27, 2012 11:00pm EDT
money they can make on cars, but most importantly, the u.s. government is still a big shareholder and that stock's going up, boom, you get slapped upside the head with a big gob of gm stock if it goes too high. bulls in the china shop, it's still important to temper your expectations. too many stocks go up on a whiff of stimulus. many stocks will go down if there's none. >>> coming up, answering the call. >> they have want to come on the show to tell me why i'm too bearish, they're welcome. >> eight by eight gave us a ring. cramer is all ears when the company's ceo gets in the hot seat just ahead. ♪ [ male announcer ] introducing a reason to look twice. the entirely new lexus es and the first-ever es hybrid. this is the pursuit of perfection. >>> it is time for the lightning round. are you ready skee-daddy? time for the lightning round. brian in maryland. brian? >> caller: jim, good evening, we love jim cramer and staff in tacoma park, maryland. >> i'm loving that and my staff loves it too because they're the best there is. what's up? >> caller: please talk to us sir about pan ameri
CNBC
Oct 5, 2012 11:00pm EDT
best tourism seasons in years. we've shared what we've learned with governments and across the industry so we can all produce energy more safely. i want you to know, there's another commitment bp takes just as seriously: our commitment to america. bp supports nearly two-hundred-fifty thousand jobs in communities across the country. we hired three thousand people just last year. bp invests more in america than in any other country. in fact, over the last five years, no other energy company has invested more in the us than bp. we're working to fuel america for generations to come. today, our commitment to the gulf, and to america, has never been stronger. >>> it is time. it is time for the lightning round! we play until we hear this sound, and then the lightning round is over! are you ready, skedaddy? let's start with rob in new york. >> caller: how you doing, jim. my question about skechers? >> sell, sell, sell. it's sink'ing like a stone. i don't want skechers or deckers. >> ken in california, what's up? >> caller: thank you for your help and guidance. love your show. jim, abbo
CNBC
Oct 1, 2012 1:00pm EDT
government try and decide how to solve these problems, they have 17 countries in the eurozone, each one with its own parliament, each one with its own politics. so the process of making decisions has been very difficult. the problem -- very simple way of looking at the problem is that the 17 countries of the eurozone have a single monetary policy. the european central bank and the euro are analogous to the federal reserve and the dollar in the united states but they have 17 different fiscal policies that you're not able to support each other during a period of recession as they're currently in. so what's needed is some ongoing structural reforms that will, first ever all, improve their cooperation, coordination on fiscal policy and they're trying to do that. second very useful step would be what they are calling banking union which is essentially making bank supervision, deposit insurance, oversight, recapitalization responsibilities of europe as a whole and not of each individual country. in order to get to that point they've got to keep stability in the markets and the ecb has done so
CNBC
Sep 28, 2012 7:00pm EDT
the government, based on intelligence. so this seems like a security breakdown of the worst kind and pre-election white house cover-up and i say it is time for ambassador susan rice to resign right now. joining us to talk about this, we have cnbc contributor jennifer rubin, author of the right turn blog and soon to be joichbed by military list jack jacobs. jen, let me start with you. is this a falsehood, a cover up, a lie? 24 hours, the white house knew, from their intelligence people that this was not about the video. this was not spontaneous, right? i'm using the language they are all using. >> yes. >> this was an al qaeda pre-planned terrorist plot and they put this woman susan rice out there to lie to the american public. >> and they put their own white house spokesperson out there to lie to the american public a number of days later. we are talking a week and a half after the initial pre-planned attack that's had jay carney, the president's spokesperson going in front of the cam vas this is only about a video, a movie. this is not america and our policies. that was a lie. by tha
CNBC
Oct 5, 2012 7:00pm EDT
didn't talk about 600,000 government workers added in the last two months, the largest number since the study's been done since 1948. he didn't talk about what you just talked about, 600,000 temporary. he talked about 7.8 for eight hours today. okay? 7.8. let's talk about how we get the 7.8. this election is too important to let one number that might be corrected next month determine the outcome of the election. >> i'm looking right at the sheet. government -- federal, state and local was only up 10,000. look, i know obama is going to crow about it. any president would crow about he needed some good news after getting walloped and having his clock cleaned at the debate. but my other point, jack -- >> larry, wait a minute, let me make one point. i've been reviewing businesses all week, 14 of them, okay, and not one of them is showing stronger growth in the third quarter than they did in the second. some are equal to the second, some are a little worse than the second. the economy was revised down in the second. it's implausible that you could be running at a 5% gdp growth rate, which is
CNBC
Oct 4, 2012 2:00pm EDT
talked about is exponentially more than the amount of revenue that would come to the government if they passed this so-called buffett rule. this dominate all of our political dialogue. this is more expensive. don't talk about it. >> a lot of people have been missing point in terms of what's really important. >> they talk about getting on top of it but we keep seeing this again and again. it is so hard to get -- make even a dent in all of this because there's so much money involved like $800 billion in health care entitlements. you figure 10% of it is fraud. all you can do is do these sort of piecemeal arrests and raids. they're getting better at it but it is a huge, huge problem. >> scott, thank you. >>> breaking news in the sports world right now. hockey fans, you're not going to be happy about this one. the nhl has cancel all regular season games through october 24th. because of that continued lockout. it could push back farther. but all hockey games canceled through october 24th. millionaires finding billionaires, mandy, while 46 million are on food stamps and the men and women
CNBC
Oct 4, 2012 12:00pm EDT
system and president obama seems to want to have more government and more taxes and we even seen how that's worked for the last four years and the results have not been pretty. >> in fairness, don't you think the governor needs to arti s tse his plan rather than just submit a wish list? >> again, i don't want to generalize. i think he made it really clear, it's certainly in place, but that's a very small number. he focused also on the tremendous spending orgies the obama administration has been embarked upon from the almost $900 billion industry and sill ly solyndra. not supporting the keystone pipeline. i think romney knows what it takes. >> the previous administration wasn't pinching pennies either. i know you no that. good to have you on the show. when "halftime report" returns, what a romney win would mean for the dollar. we'll be right back. [ male announcer ] the 2013 smart comes with 8 airbags, a crash management system and the world's only tridion safety cell which can withstand over three and a half tons. small in size. big on safety. which can withstand over three and a hal
CNBC
Oct 4, 2012 4:00pm EDT
caused a relief rally in europe. if we see our government doing the same thing, having a very comprehensive response to the fiscal cliff, something like simpson-bowles, 4-plus, $5 trillion over a period of time, you'll see a huge rally. on the other hand, if we see this dragging out, if they have to have it delayed, it doesn't happen after the lame duck session, after the election, it drags on to february, drags on to march. we will have a recession in the first quarter. we'll have negative gdp in the first quarter. despite my bullishness out a year, we could have some real volatility. i would suggest if we have that real volatility, it's a great buying opportunity for everybody out there. but in my conversation with many of the men and women in washington, i'm trying to be as large of an alarmist as i can to make sure we focus on the fiscal cliff and we have a resolution as fast as possible. >> absolutely. and europe, have we seen the worst there? >> europe is a seven-year fix. we have a great plan that the ecb has created, but we also need politicians to agree on it. >> simi
CNBC
Oct 3, 2012 12:00am EDT
is now conducted in secret with no public scrutiny or government oversight. over time, the big wall street banks were allowed to buy and sell as many oil contracts as they wanted for their clients, circumventing regulations intended to limit speculation. and in 2000, congress effectively deregulated the futures market, granting exemptions for complicated derivative investments called oil swaps as well as electronic trading on private exchanges. who was responsible for deregulating the oil future market? >> you'd have to say enron. this was something they desperately wanted and they got. >> michael greenberger, who wanted more regulation while he was at the commodity futures trading commission, not less, says it all happened when enron was the seventh largest corporation in the united states. >> this was when enron was riding high, and what enron wanted, enron got. >> why did they want a deregulated market in oil futures? >> because they wanted to establish their own little energy futures exchange through computerized trading. >> she's gonna pay me a penny and a half. >> they knew th
CNBC
Sep 28, 2012 6:00pm EDT
shutdowns from labor disputes to bad weather to government intervention. gold is in a lot of places that aren't sterling democrat says. mark bristol ceo of wrangle told us gold mining is not for sissies. i have pretty much sworn off the entire space. but what if there was a company that gave you the benefits of the gold mining business, name lit ability to find new gold and increase production, and we like growth, without all the short-term headaches, these risks that make owning the stock such a horror show. i think that could be a terrific buy especially in an environment where the price of gold keeps going higher. what is this company? it's sandstorm gold symbol sand. speculative canadian mine financing business. think of sandstorm as beinging a financer for gold miners. we're in an environment where mierns have a lot of trouble getting financing. lenders aren't lending them money. they need more capital. take advantage of this high gold price. that's where sandstorm comes in they will give a gold miner immediate money up front in exchange for the percentage of the future gold produce
CNBC
Oct 2, 2012 6:00am EDT
federal government. jp is cooperating with the government group and if this lawsuit works it may have some power and fuel. >> can i ask a cynical question? i looked through the lawsuit and looks like so much of the plaintiff lawsuits. >> sure does. >> plaintiff attorneys brought the exact same civil case. >> right. >> why do we think this is going to be a new model for anything? >> they say it's a model for the feds and the state attorneys general to work together. new york has this martin act that other attorneys generally in new york have used quite a bit in the past. >> to the extent that they bring more cases like this, civil cases, do you think this does anything to feed the public's lust for whatever you think, whatever you think president obama was trying to go for a year ago when he created this group in. >> if the public is lusting for ceos being perp walked over the financial crieses they're not going to get it with this and may not ever because they haven't been able to build the criminal cases, they're tough to make, if there was criminal conduct you have to get the lower
CNBC
Oct 1, 2012 6:00am EDT
could put him on the details what a realistic budget would be for the u.s. government and have the same debate on that side. campaigns are about vision. campaigns are about putting forward the direction you want to take the country in and that's what it's about and if we're going to press in on the details let's press in on both of these guys. >> little' leave it there, terry and morris, appreciate it very much. >> thanks so much. >>> i'm going to do the tease. coming up, craig barrett joins us on set, we'll talk tech and he'll tell white house he's voting for come november and why. and the world's only tridion safety cell which can withstand over three and a half tons. small in size. big on safety. for the spender who needs a little help saving. for adding "& sons." for the dreamer, planning an early escape. for the mother of the bride. for whoever you are, for whatever you're trying to achieve, pnc has technology, guidance, and over 150 years of experience to help you get there. ♪ [ male announcer ] the exceedingly nimble, ridiculously agile, tight turning, fun to drive 2013 smart.
CNBC
Oct 2, 2012 3:00pm EDT
flow across the world and dealing with a government that withholds information. how do you balance that? of course, i'm talking about the chinese. >> well, that was actually, you know, there were a lot of issues around that. not only with alibaba but also with all of the users in china. to make sure that we were doing the right thing for everyone relative to freedom of information, so that's not going to go away any time soon. it's just going to have many chapters. we're probably only in chapter three. >> what a tremendous fall. i mean, shareholders obviously, yourself included, have watched the company lose a tremendous amount of market value. you think yahoo! can get it back? >> i think they can. think still have almost 800 million users. everybody likes to down play that. it's the third biggest group of users on the web. you know what's interesting is as i go around, if i get, you know, 30 miles outside of silicon valley, people love yaho yahoo!. they're always telling me about yahoo! mail and how they get their information. so i don't think they're nearly as cynical or abused a
CNBC
Oct 5, 2012 9:00am EDT
and also in local government, education, and more importantly in health care and those are areas that i know something about, i've been traveling around the country and we're seeing more investments in manufacturing and high-skilled labor areas and that's where you need to play the focus and we need congress to cooperate with us to make sure we can go. >> we can go through all of the talking points we do every month, madam secretary. congress needs to do more and i want to read you one tweet for jack welch who used to run general electric and a man who knows a bit about economic data is created and this is his tweet this morning, madam secretary. unbelievable jobs numbers. the chicago guys will do anything, can't debate, so change numbers. what do you say to him? >> i would say that i have the highest regard for our professionals that do the calculations in the bls. they are highly skilled economists trained in this area, and you have to look at two surveys that have been done. the payroll as well as household survey. you see where those two bits of information tell us that there
CNBC
Sep 30, 2012 7:30pm EDT
had better elections in this country. the reason we have bad government in this country is because we have bad elections. we don't talk about the important issue. one thing both sides could agree on actually today is the face of deficit reduction. they may go about it different ways but we need to bring the deficit down gradually. right now we're facing the fiscal cliff. nothing will get resolved before november, but i believe political forces after the november election will push both sides to a compromise. i do think we'll see a compromise. you know, the one tax that's got to come down next year is the uncertainty tax, the uncertainty about washington policy will be reduced over the next six months and be a positive for the u.s. economy. >> it's true, because companies have been in lockdown mode. they don't want to make decision with this uncertainty out there. >> it's so infuriating watching -- >> it is. >> -- washington not understand the incredible drag they put on the u.s. economy by simply not making a decision on these basic -- you know, american business is very good at makin
CNBC
Oct 4, 2012 6:00pm EDT
and losers, you pick the losers. >> tesla on the kindness of the government. that kindness will be over if the white house gets a new occupant. i suggest buying tesla in november. 25s look juicy. both candidates had a lot to say about oil. here's obama. >> the oil industry gets $4 billion a year in corporate welfare. now does anybody think that exxonmobil needs some extra money when they're making money every time you go to the pump? >> you that i exxon would have gotten hit today, right? it rallied 52 cents. some can argue that is because the market senses a romney victory. no way. exxon is just bigger than any president. >> your administration cut the number of permits and licenses in half. if i'm president, i'll double them. >> we aren't going to make money buying federal lands. but if more were opened, it would be a bonanza for the oil service industry. don't outthink this, people. schlumberger and national oil will get the most number of profits from expanded federal land drilling. obama is never a fan of the banks. you don't want to overweight the group on his re-election. li
CNBC
Oct 1, 2012 9:00am EDT
that's a wonderful credit that's out there. it has to buy essentially government-guaranteed debt. >> or shares of apple, which would also please a lot of people. >> it can't do that. >> i get that. thank you, steve. >>> as we kick off the first day of the fourth quarter, we have deutsche bank's top u.s. equity strategist here on how to best navigate the markets, sitting at session highs right now. joined now by david bianco on post 9. >> thank you. >> you're actually skeptical, which i was surprised by. you have been a noted bear on wall street. but now you see that there could perhaps be headwinds when it comes to third-quarter earnings? >> i've been bullish during darkest hours of this market the past couple of years. the reason i'm cautious, i'mall quarter, we've seen a deterioration in export activity, investment spending and manufacturing activity that has something to do with the fiscal cliff uncertainty. certainly has to do with europe. i think it mostly has to do with the sharp deceleration in chinese construction activity. i don't think we're going to see any sign of a major im
CNBC
Oct 5, 2012 6:00pm EDT
the experts at one reverse mortgage today, you'll learn the benefits of a government-insured reverse mortgage. it will eliminate your monthly mortgage payments and give you tax-free cash from the equity in your home. and here's the best part -- you still own your home. take control of your retirement today. ♪ ♪ >>> it is time. it is time for the lightning round. we play until we hear the sound and the lightning round is over. are you ready, skedaddy? start with rob in new york. >> caller: how you doing, jim. my question about sketchers? >> sell, sell, sell. it's sink'ing like a stone. i don't want skechers or deckers. > >>>. >> ken in california, what's up? >> caller: thank you for your help and guidance. love your show. jim, a vnbbott labs, is it overbought at this point? >> we were discussing this, i say you can't buy it here, steph. have to let it pull back. let it pull back to the mid 60s, but it is going to split. a great situation, but you're paying up too much right here. fred in new york. fred. >> caller: fred in new york, booyah. cypress semiconductor? >> oh, fred. we ca
CNBC
Oct 2, 2012 9:00am EDT
. ment it is so hard. that's why i felt that zell made some good points. whoever the government is that made it so hard to buy also made it easy to buy. >> the banks are doing it on their own. five, six years they were willing to lend to anyone. >> sorry. >> go ahead. >> that was pointed out by the citi note that underwriters are much tighter these days. so the risk is we have all the starts and the home builders are doing well but they will reach the point where the buyers can't get the credit they need and demand is gone. >> that's why when the toll brothers made it, they were in the process. it is one of those things, why aren't more people using the money and bernanke -- go buy a house, chairman. chairman bernanke, go buy an apartment for rental. what you'll see is unless you pay in cash or cut out the banks entirely and that hurts the rate of return, unless you're paying crash you'll tie yourself up for a really long time. evil gains are feeding into things. i do need to modulate here in the risk of the parts of corporations and the banks doing a 180. this is trauma from the f
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